Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Highwood Value Partners Desmond Kingsford | “Borr Drilling is our mid-cap, Norwegian listed owner of shallow water drilling rigs. When we bought the shares, the business was doing run-rate EBITDA of approximately $100 million and is now doing run-rate EBITDA of roughly $500 million. The company has also successfully refinanced its debt, another key plank of the thesis. Despite this, the share price has only modestly improved and lags the fundamental turnaround. Oversupply has worked through the system, canceled rigs have been re-contracted, and industry fundamentals are tightening again. Rig rates remain below long-run averages, creating further upside if supply continues to contract. BSD Analysis: Borr Drilling is a pure play on tight offshore drilling supply — and tight supply is finally here. Jack-up rig availability has collapsed after years of underinvestment. Day rates are rising because replacement capacity doesn't exist. Leverage cuts both ways, but this is exactly the cycle where it works. Contract coverage improves cash flow visibility quarter by quarter. Execution risk is operational, not demand-driven. This is not an energy transition story. It's old-school oilfield math returning with a vengeance. Borr works if the cycle lasts longer than the balance sheet remembers.” | BULL | Q4 2025 Jan 20, 2026 | View Pitch |
Highwood Value Partners Desmond Kingsford | “Borr Drilling is our mid-cap, Norwegian listed owner of shallow water drilling rigs and is one of three special situations investments for Highwood. I reviewed the thesis on this investment and shared the outcome from that in my last letter to you. Since then, the shares are down a further 50% to $1.80 each. This is the result of a weakening market for day rates on shallow water jack up rigs. I continue to believe this will reverse, but the timing of a reversal is difficult to anticipate. In the meantime, management and the board (who I rate highly and are well aligned with us) are doing the right things to maintain balance sheet flexibility. Through the equity market, we own these assets at a now larger discount to their value and any realistic assessment of the through cycle cash flow they are likely to generate. Value is in plain sight, but it is up to our collective patience and behavioural discipline to capture the substantial upside on offer. BSD Analysis: Borr Drilling operates one of the youngest and most modern fleets of jack-up rigs in the offshore shallow-water drilling market, giving it a structural advantage in a niche where supply remains constrained and high-spec rigs are limited. The company's 2024 financial results showed a strong operational rebound, with over $1 billion in revenue and more than $500 million in adjusted EBITDA, reflecting improving utilization and higher day rates. Despite this progress, the stock trades at a deep discount to both fleet value and its through-cycle cash-flow potential, largely due to uncertainty around the timing of a broader recovery in shallow-water drilling markets. Management has taken shareholder-friendly steps to simplify the corporate structure, including delisting from Oslo and consolidating on the NYSE to improve liquidity and visibility. Borr's young fleet helps reduce maintenance capital needs relative to peers and positions it well for margin expansion when drilling demand strengthens. The company's global contract footprint across the U.S., Middle East, Africa, Latin America, and Asia adds diversification and optionality as oil demand normalizes. However, results remain highly sensitive to oil prices, offshore investment cycles, and global macroeconomic volatility. If rig reactivations continue and day rates firm, Borr could demonstrate significant operating leverage and unlock meaningful value. The current valuation provides asymmetric upside potential for long-term investors willing to tolerate sector cyclicality. Overall, Borr Drilling remains a high-risk, high-reward special situation with substantial upside should the offshore cycle turn favorably.” | BULL | Q2 2025 Jul 15, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
